(1) A credit institution or financial institution (the "correspondent") which has or proposes to have a correspondent relationship involving the execution of payments with another such institution (the "respondent") from a third country must, in addition to the measures required by regulation 33 -
(a) gather sufficient information about the respondent to understand fully the nature of its business;
(b) determine from publicly-available information from credible sources the reputation of the respondent and the quality of the supervision to which the respondent is subject;
(c) assess the respondent’s controls to counter money laundering and terrorist financing;
(d) obtain approval from senior management before establishing a new correspondent relationship;
(e) document the responsibilities of the respondent and correspondent in the correspondent relationship; and
(f) be satisfied that, in respect of those of the respondent’s customers who have direct access to accounts with the corre
…